The Price Elasticity of Demand for a Linear Demand Curve

question 26

Multiple Choice

The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices)

• A)elastic,unit elastic,inelastic.
• B)unit elastic,inelastic,elastic.
• C)inelastic,unit elastic,elastic.
• D)elastic,inelastic,unit elastic.

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Definitions:

Distribution System

A network of facilities and delivery options that moves goods from producers to consumers.

Airfreight

Transport of goods by aircraft, a fast but generally more expensive method of shipping goods over long distances.

JIT

Just-In-Time is a management strategy that aligns raw-material orders from suppliers directly with production schedules to minimize inventory costs.

Supply-Chain Strategy

A plan for managing all aspects of a product's supply chain, from raw materials to distribution, to maximize efficiency, reduce costs, and enhance competitiveness.